KB Sioux Falls (Fleet Farm Retail Center)
Single-tenant retail (Fleet Farm retail center) property in Sioux Falls, SD — sponsored by Kingsbarn Realty Capital
Files with the SEC as KB Sioux Falls, DST
Minimum investment
$202k
Offering size
$20.2M
How much has sold
12.0%
Asset type
Single-tenant retail (Fleet Farm retail center) property
Location
Sioux Falls, SD
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
KB Sioux Falls, DST is a Delaware Statutory Trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — sponsored by Kingsbarn Realty Capital. It holds the Fleet Farm Retail Center at 3035 West Fleet Street in Sioux Falls, South Dakota.1 Interests were offered under Rule 506(c), the exemption that allows public advertising but limits buyers to verified accredited investors.
Show sources (11)Hide sources (11)
These links support the historical public record; individual details may come from different sources.
- Kingsbarn Realty Capital ↗
- REBusinessOnline ↗
- Kingsbarn Realty Capital, Prior Performance Investment Program 20 ↗
- Fleet Farm ↗
- Kingsbarn Realty Capital, syndicated via Yahoo Finance ↗
- U.S. Securities and Exchange Commission, Form D ↗
- Kingsbarn Realty Capital ↗
- kingsbarnca.com ↗
- kingsbarn.com ↗
- kbexchangetrust.com ↗
- fleetfarm.com ↗
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Kingsbarn announced on April 21, 2022 that it had acquired the Fleet Farm Retail Center at 3035 West Fleet Street in Sioux Falls.1 The store was built in 2019 and includes the main retail building plus a gas station, car wash, auto service center and garden center.2 Kingsbarn's own program table, dated May 1, 2023, lists the KB Sioux Falls purchase price at $37,000,000.3 The second portfolio property is not identified in any public source reviewed.
- Reported location
- Sioux Falls, SD
- Property size
- 2 properties; 191,978 square feet
Who is the tenant, and what's the lease?
Fleet Farm occupies the center as the tenant; the retailer's own store page says the Sioux Falls location opened in 2019.4 At the time of acquisition, REBusinessOnline reported more than 17 years remaining on the lease.2 The sponsor's release said the lease included annual rental escalations.5
How did it end?
No sale or other ending on record
No public disposition announcement identified; the Fleet Farm retail center in Sioux Falls, SD (~191,978 sqft) remains listed as an active Kingsbarn DST holding with no sale press release found in AltsWire, the Kingsbarn newsroom, or CRE trade press through mid-2026 [1][2].
Kingsbarn's performance PDF lists KB Sioux Falls in Sioux Falls, SD at $37,000,000, with 2 properties and 191,978 square feet. The acquisition coverage identifies Fleet Farm Retail Center at 3035 West Fleet Street, describes it as newly constructed in 2019 and approximately 192,000 square feet, and the second portfolio property/address is not publicly identified in the sources reviewed.
2 properties; 191,978 square feetSupporting evidence
Who's behind it?
Kingsbarn Realty Capital is a real estate sponsor that packages properties into DSTs for 1031 exchange buyers, and it announced this acquisition in April 2022.1 The Form D names KB Exchange Properties, LLC as a promoter and as the manager of the manager of the Trust's signatory trustee — the affiliate that acts on the Trust's behalf.6 Kingsbarn's portfolio page lists the Fleet Farm property at 3035 W Fleet St.7
- Sponsor
- Kingsbarn Realty Capital
- Legal Trust name
- KB Sioux Falls, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 10 active / 31 total offerings from Kingsbarn Realty Capital
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The record holds one filing: a new notice rather than an amendment, with no later filing located.6 It reported a first sale on April 27, 2022, and the issuer stated it did not intend the offering to last more than one year.6 The exemption used permits general advertising, but each buyer's accredited status must be verified.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
What happened to KB Sioux Falls (Fleet Farm Retail Center)?
Top1031 lists KB Sioux Falls (Fleet Farm Retail Center) as historical. It is no longer raising money.
Where does Top1031 get the data for KB Sioux Falls (Fleet Farm Retail Center)?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
What does KB Sioux Falls, DST actually own?
It holds the Fleet Farm Retail Center at 3035 West Fleet Street in Sioux Falls, South Dakota, which Kingsbarn Realty Capital announced acquiring on April 21, 2022. REBusinessOnline reported the property was built in 2019 and includes a main retail store, gas station, car wash, auto service center and garden center. Kingsbarn's program table also reports the Trust as holding two properties; the second property is not identified in public sources.
Who is the tenant and how long is the lease?
Fleet Farm, a Midwest retailer whose store page lists the Sioux Falls location as opened in 2019. At acquisition, REBusinessOnline reported more than 17 years remaining on the lease, and Kingsbarn's own release said the lease included annual rental escalations. Whether the lease is triple-net and how expenses are allocated are not stated in the public sources reviewed — those terms live in the PPM, the private placement memorandum given to prospective investors.
What did Kingsbarn pay for it?
Kingsbarn's prior-performance table for its DST investment programs, dated May 1, 2023, lists KB Sioux Falls at a $37,000,000 purchase price. When REBusinessOnline reported the acquisition in April 2022, the price was undisclosed. The Form D reports the equity offering separately from the purchase price.
Is the Trust still open to new investors?
The SEC record for this issuer shows a single Form D filed May 2, 2022, with a first sale of April 27, 2022, and the issuer stated it did not intend the offering to last more than one year. No later amendment or closing notice was located. Because Form D filings are not always updated, anyone weighing this Trust should confirm current availability directly with the sponsor.
What is the minimum investment?
The Form D filed May 2, 2022 reported a minimum investment accepted from any outside investor of $202,000. The offering was made under Rule 506(c), so purchasers must be accredited investors whose status the issuer takes reasonable steps to verify — typically through tax documents or a letter from a CPA or attorney.
Does the Trust use mortgage debt?
No loan, mortgage or other leverage terms for KB Sioux Falls, DST were located in any public filing or press source reviewed. A Form D reports the equity being raised, not the debt stack. Whether the Trust carries a mortgage, and on what terms, would be disclosed in the PPM.
Chapter 8Kingsbarn Acquires Fleet Farm Retail Center in Sioux Falls, South DakotaKB Exchange Trust's company-news page carries Kingsbarn's Sioux Falls Fleet Farm acquisition announcement and identifies the retail-center property.